Real Estate News

“Just the impact was going to be so profound, so devastating," says island mayor

Time’s up for two of West Vancouver’s architecturally significant heritage homes facing redevelopment.

This massive, resort-style “Tuscan villa” in Surrey raised eyebrows and hit media headlines last summer with its record-breaking listing price of $28 million, 10 times its assessed value – later adjusted to $26 million and did not sell at the time.

Changes to the proposed B.C. speculation tax , announced by finance minister Carole James yesterday following a backlash from owners, have been broadly welcomed – but do not go far enough, according to industry groups.

A decline in Toronto’s rental prices may have put Vancouver back on top as Canada’s priciest city for one-bedroom rents, but prices have declined in all the top five most expensive rental cities.

Under changes to the proposed speculation tax, B.C. residents will now only have to pay 0.5 per cent a year on second homes valued at $400,000 or above, finance minister Carole James announced in a media conference March 26. The tax will apply to B.

"Is everybody going to suddenly come to the Sunshine Coast because they don’t have to pay the 20 per cent?”

When it comes to affordability, the province needs to start looking at Squamish like it’s part of the Lower Mainland. We’re feeling the same crunch, whether their data reflects it or not.

A BC Supreme Court justice has ruled that development permits issued for the George Hotel and Residences project in Gibsons were issued properly and the developer should be allowed to act on them.

Several houses that used to be part of North Vancouver’s Moodyville neighbourhood are getting a new lease on life in communities around the province.